Annual inflation slowed to 10.99% in February
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Annual inflation in Russia in February slowed to 10.99% after 11.77% in January, follows from the data of the Ministry of Economic Development. In general, consumer prices rose by 0.46% over the month.
As explained in the department, food inflation for the reporting period increased by 0.79% in monthly terms due to a slowdown in the rise in prices for fruits and vegetables and a decrease in prices for other food products. Non-food products in February fell in price by an average of 0.08%, while prices in the service sector rose by 0.72%.
For the week from February 28 to March 6, inflation was 0%, that is, prices have not changed. Deflation of 0.02% was recorded in the week from February 21 to 27
At the end of 2022, inflation in Russia amounted to 11.94% after 8.39% in 2021. This year, the Ministry of Economic Development expects inflation at 5.5%. According to the forecast of the Central Bank, it will be 5-7%.
According to the current forecast of the Ministry of Economic Development, in 2023 the Russian economy will decrease by 0.8%, and in 2024 it will grow by 2.6%. Inflation at the end of this year is expected at 5.5%, and the government expects it to return to the target of 4% in 2024. First Deputy Prime Minister Andrey Belousov admitted that by the end of 2023, GDP dynamics may even be positive. A number of indicators of the current forecast for 2023–2025 may be revised for the better in April, a representative of the Ministry of Economics noted.
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